at the most important post in the obama administration. the president nominated his chief of staff, jack lew to, replace timothy geithner. lew has been the budget director for both presidentses clinton and obama. he is viewed as a experienced and hand in negotiations but does not have strong ties to wall street. it is likely he will be confirmed by the senate. >>> the dow jones industrial average continued to rise on earnings news through the week. the s&p 500, in fact, closed at a new five-year high thursday. earnings season is under way, and dow component alcoa kicked off. profits in line at alcoa, while revenues were better than analysts expected. financial giant, wells fargo, beat expectations, as did american express. apple is said to be considering a cheaper version of the iphone. the iphone 5 costs about $200 with a contract with a wireless carrier. the less expensive version would have a plastic body. >>> the debt ceiling, the new treasury secretary, so will washington be an obstacle to the markets and the economy, or will washington actually be a help? joining me now, greg ip, u.s.